Under Construction vs. Existing Projects

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grayscale photo of crane in front of building

Buying a property is not an easy decision. It is one of the biggest decisions most people make in their life. A lot of contemplation, research, patience, and time is required to take this important milestone. Though there is not a single thing concerning here as multiple factors play their role here. But people get confused whether they should a new and furnished property or an under -construction property.

Both the options have their own advantages and disadvantages that need to be taken into care. But eventually your requirements matter here. You should choose an option that works best for you and covers your own set of requirements. We at Enterprise House Buyers , always try to come up with such educational blogs. These blogs give you better insights of the field. In today’s blog, we will discuss the pros and cons of under construction versus existing projects. And will clear any confusions you have.

You should be careful of few things. These include the difference in price, Risks of delay and Infrastructure and quality etc. We will discuss each one of them in detail below:

Comparison:

  • Price Difference:

Price is always there and is a major factor. Especially, for most of the people especially middle class and lower middle- class people. One of the biggest benefits of that an under-construction property offers is that in comparison to an existing project like a ready-to-move-in house or a flat in an existing project, it won’t put as big a dent in your bank account. Although, each housing scheme has its own prices depending upon their location, type and facilities. But the important thing to note here is that ready-for-sale units tend to cost about 10 to 30 percent more than the ones that are still under construction.

  • Delay Risk:

The drawback of under construction projects is that they take a long time due to many reasons such as approvals from civic authorities for utilities such as gas, electricity, telephone etc. Zoning disputes, land-related litigations, new regulatory policies are also few hurdles here. Sometimes, builders themselves skip the project in between. These problems don’t occur in the case of ready-to-use property. Since the house or the apartment has already been constructed, all you need to do is make the payment and complete the registration/transfer process before moving into your new home.

  • Quality and Infrastructure:

Investing in an under-construction can be disastrous sometimes as final product may not be as what you imagined. In the case of an existing project, construction, layout, amenities and facilities are before your eyes and you just have to pay.

  • Customer Requirements:

We discussed earlier that at the end, your requirements matter so deciding between existing and under construction property lies with your own needs. If you are looking something on urgent basis, then it would be foolish to invest in an under-construction property. Also, most under construction properties lie in the outskirts of the city so you need to keep this in mind as well.

Also read Benefits of affordable housing

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